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S. Korea tops shipbuilding orders for 3rd month in July

According to Yonhap News,

(SEOUL=Yonhap News) South Korea retained the top spot in global shipbuilding orders for the third straight month last month, industry data showed Tuesday.

In July, local shipyards won orders totaling 270,000 compensated gross tons (CGTs) to build 10 ships, accounting for half of the orders placed around the globe, according to London-based Clarkson Research Services Ltd., the world's leading provider of data for the shipping and shipbuilding industries.

Chinese shipbuilders bagged orders amounting to 200,000 CGTs to build 11 vessels, while Japan logged 30,000 CGTs for one ship.

In the first seven months of the year, South Korean shipbuilders secured orders totaling 3.74 million CGTs to construct 92 vessels for a 32 percent market share, the data showed. China topped the list with 4.74 million CGTs, or 197 ships, for a 40 percent market share, the data showed.

With the global shipping industry hit by the U.S.-China trade dispute, new shipbuilding orders in the first seven months of the year dropped 43 percent from a year earlier to 11.82 million CGTs, the data showed.

In terms of order backlog, China topped the list with 27.95 million CGTs (36 percent of the market), followed by South Korea with 20.31 million CGTs (26 percent) and Japan with 13.65 million CGTs (18 percent).

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Source: Yonhap News (August 13, 2019)

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